Is this a gang up against cryptocurrency? Or ways to regulation?

[The Sceptical Chymist]

Regarding the UK news, I found this snippet from the article of particular interest:

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.

So I'm not sure how much this "warning" is going to affect UK citizens using Binance.  It sounds more like the government trying to puff out its chest to look tough.  And this sort of thing may be happening in other countries, but I have faith that crypto will overcome all of this nonsense.  If centralized exchanges get regulated out of existence, the crypto community is smart and strong enough to find another way to trade (like P2P, for instance). 

However, I'd be happy if governments would just back the fuck off and focus their attention on fixing their own debt problems instead of imposing even more restrictions on what people can do with their own money.

[1715162998]

1715162998

[1715162998]

1715162998

[1715162998]

1715162998

[1715162998]

1715162998

[1715162998]

1715162998

[just_Alice]

Doesn't seem like it in the case of the UK (unlike China or India, and with Nigeria things are complicated, not everything is apparent yet). But the fact that people are still free to use cryptocurrencies AND Binance says that they are not trying to restrict the use of cryptos.

Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.

If they wanted to, they would've done it differently, applied some more strict rules.

Following the article:

The FCA does not regulate cryptocurrencies, but requires exchanges to register with them. Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.

It seems that the problem may lies within these formalities indeed.

[redsun114]

Lol it even came as a surprise to me. Even China has been on the news recently as they started trying to take down cryptocurrency mines. I just don’t get what’s wrong with all these governments and why they wouldn’t allow people to make use of cryptocurrency.

I do understand there are there bad sides of everything, maybe they should all be more focused on how to fix those issues that are seen in cryptocurrency. Those issues are the things that should be fixed. They shouldn’t just straight up ban cryptocurrency, that’s very bad for them to do.

[swiftbits]

I hope this is not something that can negatively affect us. Regulation is a great implementation as long as they use their power to keep security and avoid their people losing their money. Schemes and illicit activities are very present due to the crisis.

[zanezane]

Conspiracy or not, it doesn't matter because bitcoin has been conspired against by many entities in the past and look at where bitcoin market is now? Also, I don't think that they are ganging up just because they simultaneously regulated bitcoin in their countries, maybe it was a coincidence that they were studying how to regulate and arrived at same conclusion.

[qwertyup23]

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

The government's institutions expect all companies that work with money should comply their rules. From what I've read Binance doesn't, nothing unexpected here, especially since Binance is not registered in UK.
They will play cat and mouse, then, if UK is big enough market to worth the hassle, we'll see a binance.co.uk only for the brits, with certain restrictions enforced and so on. But that's only if UK is a big enough market for Binance...

This is true.

Upon reading the news, the FCA of UK has released certain set of rules in which Binance has not yet complied with. Unfortunately, the government also wants control to every transaction that comes within the ambit of their jurisdiction. Anything that is decentralized is a red flag for them since it allows some circumvention to their authority.

This is one of the problems that cryptocurrencies, in general, are facing. The decentralization, even if the idea is very promising, is one of those innovation that the government cannot just accept without consequences.

[semobo]

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out. 

US did the same thing so they wanted to have a strictly regulated exchange, probably UK also wants to do the same but all these things are happening because people are evading taxes using the cryptocurrencies so people have to pay the taxes and the government also need to impose the tax rate which is affordable. But this is yet to be a big thing in the crypto space and may impact the prices negatively in the short term.

[el kaka22]

Upon reading the news, the FCA of UK has released certain set of rules in which Binance has not yet complied with. Unfortunately, the government also wants control to every transaction that comes within the ambit of their jurisdiction. Anything that is decentralized is a red flag for them since it allows some circumvention to their authority.

This is one of the problems that cryptocurrencies, in general, are facing. The decentralization, even if the idea is very promising, is one of those innovation that the government cannot just accept without consequences.

People mistake what "decentralized" means in crypto. It means the ruling of crypto is decentralized, how you use it has never been decentralized at all, even the whole existence of binance proves that it is not how you use it, it is what you are using is decentralized.

To give an example, if you want to increase the max cap of bitcoin numbers from 21 million bitcoins to 210 million bitcoins, you can't because it is decentralized, or if you want to revert back a transaction, you can't because it is decentralized, basically no one person has the power to control blockchain and the code, whereas if you want to send money to me in 10+ million dollar amount, governments will ask where did that come from, or if you want to not pay taxes on your crypto trading, governments will give you a penalty. So as you can see, it is bitcoin that is decentralized, not what you do with it.

[Haunebu]

You seem to be a newbie in the cryptocurrency market op. This kind of stuff happens on a regular basis and it completely makes sense. Many governments fear the ability of popular cryptocurrencies to put the power back into people's hands.

Why would they want to lose power by accepting decentralized cryptocurrencies? The only way they would embrace them is if they had more to gain than to lose from them.

This is why many small countries with poor economies around the world openly embrace them since they don't have a lot to lose by doing so.

[Shenzou]

Governments can set up their laws and ban crypto, and that might be a way to hold the progress of it for a while and may prevent crypto business from doing their activities in that specific country, but in no way shape or from they could prevent the people from using it, because crypto is decentralized and they have no control over the transactions that go on, and since its anonymous they can't totally ban it, and the more they are against it the more it shows how that government is corrupt because if they trust in their financial system they would have nothing to fear, and they wouldn't ban it.

[adzino]

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out. 

India has been confused about crypto currencies for a very long time. I don't think they even understand what crypto currencies are and how they work. Or they are probably too lazy to figure out a way to allow their people to use crypto currencies within the law. On other hand, Nigeria didn't ban crypto currencies. Like you said, they only restricted their users. As for the ban of binanace in the UK, its probably going to be temporary. So no, governments aren't ganging up against crypto currencies.

[perfect999]

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Although I don’t really know much about how all these regulations stuff works, but I think for a government to be able to regulate cryptocurrency, they will have to do it through centralized exchanges. So that means the government don’t need to ban centralized exchanges, because they can actually take control of these exchanges by laying down rules that they would have to follow, which would help the government have a better understanding of what’s happening in the cryptocurrency market.

But by banning centralized exchanges, the government lose this chance. And with that, they leave citizens to making use of P2P exchanges which are completely decentralized and government can’t even control what goes on there.

[Silberman]

Have you notice that this regulation and banned are just to scare people from investing and trying to collapse the market. Perhaps their fear of bitcoin dominating and overtaking other financial sector.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

[jostorres]

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.

Let the regulations be regulations guys, they are not bad, the problem is the fact that politicians building infrastructure that could help them. How? They are getting partnering agreements with exchanges, they are buying a ton of it, they are making legislature that would benefit them, they are basically getting ready for the crypto world to grow huge and they do not make any decision before they are fully ready. After they are fully ready then they start making regulations and so forth because they will be the ones that will benefit from it.

This is risky because they are basically trying to control bitcoin, which is not like centralization because bitcoin is still can't be changed by anyone, but they are basically centralizing the way you can use bitcoin and force you to use it one way or another the way they want in order to allow it to be legal.

[ILuckyGuyI]

As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. Binance had the similar problems in Canada, the USA, Japan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

[paxmao]

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out. 

No, that is not true. UK has not banned binance.com just a subsidiary. There are at least three threads about it with the right information. No, this is not against crypto at all, it is about companies that do not bother to have an adequate control of their clients and the money flows. It is as simple as this and not related to crypto itself. Crackdowns on crypto properly said are related to those countries and regimes that try to hold their people from having freedom to move and spend their money or to use other currencies than the official.

[Kasabus]

As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. .Binance had the similar problems in Canada, the USA nceJapan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

Well if Binance does not want to be regulated, then probably UK won't allow Binance to be a part of it because if they do, then they should comply with the rules. I don't think the government  is against with Binance. It's the Binance itself that does not want to be controlled.

[Shasha80]

Have you notice that this regulation and banned are just to scare people from investing and trying to collapse the market. Perhaps their fear of bitcoin dominating and overtaking other financial sector.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

[AicecreaME]

Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE

UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.

In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out. 

This is just the usual news regarding the cryptocurrency community. Government has all the right to decide whether to make cryptocurrency legal or illegal in their country. Limiting or even prohibiting the usage of cryptocurrency is their way of regulating. Restricting the people to excessive use of crypto is one of the way they can think of so that the citizens will switch back to their usual activities and work that could benefit their nation. In addition, I think this is also their way to prevent cryptocurrency from over shadowing their local currency. Because as we all know, bitcoin and other coins are really in demand nowadays and are mostly used by the people as their source of income and investment.

Politics indeed play a great role on the status of cryptocurrency on one's country. It can be placed on a favorable side or the other way around.

[Silberman]

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

In a way it is completely natural what is happening, the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds, but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.